Robeco Institutional Asset Management B.V. Reduces Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Robeco Institutional Asset Management B.V. decreased its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 82.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 108,326 shares of the financial services provider's stock after selling 498,174 shares during the quarter. Robeco Institutional Asset Management B.V. owned 0.05% of Remitly Global worth $2,253,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Exchange Traded Concepts LLC acquired a new stake in shares of Remitly Global during the first quarter worth about $46,000. Mackenzie Financial Corp acquired a new stake in shares of Remitly Global during the fourth quarter worth about $211,000. Clarius Group LLC acquired a new stake in shares of Remitly Global during the first quarter worth about $239,000. Xponance Inc. acquired a new stake in shares of Remitly Global during the fourth quarter worth about $245,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of Remitly Global during the fourth quarter worth about $277,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Stock Up 1.3%

Shares of RELY stock traded up $0.25 during trading hours on Friday, hitting $18.51. 1,967,056 shares of the company's stock were exchanged, compared to its average volume of 2,160,247. The firm has a market cap of $3.77 billion, a P/E ratio of -616.83 and a beta of 0.13. The firm has a 50 day moving average of $20.96 and a two-hundred day moving average of $21.80. Remitly Global, Inc. has a fifty-two week low of $12.33 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. The business had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. The business's quarterly revenue was up 34.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.11) EPS. On average, equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Remitly Global

In related news, Director Bora Chung sold 13,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total transaction of $295,880.00. Following the completion of the sale, the director directly owned 103,171 shares in the company, valued at approximately $2,348,171.96. The trade was a 11.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total value of $101,700.00. Following the sale, the director owned 102,257 shares of the company's stock, valued at $2,079,907.38. The trade was a 4.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,084,968 shares of company stock worth $276,321,392. 7.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RELY shares. JMP Securities reaffirmed a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. Monness Crespi & Hardt lifted their price target on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. The Goldman Sachs Group lifted their price target on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Barclays lifted their price target on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Finally, KeyCorp lifted their price target on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.

Remitly Global Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.